Group 1 - The core viewpoint of the article indicates a slight decline in the "China Coal Price Index" for the week of August 29 to September 4, with specific indices showing mixed trends [1] - The long-term contract index reported at 1062 points, an increase of 34 points or 3.31% from the previous period [1] - The spot index reached 1149 points, up by 25 points or 2.22% compared to the last period [1] - The auction index fell to 1174 points, down by 11 points or 0.93% from the previous period [1] Group 2 - Downstream steel prices are experiencing fluctuations, with a decrease in overall steel mill operating rates due to production restrictions in North China [3] - Both construction materials and plate consumption have shown a decline, reflecting unstable demand during the seasonal transition [3] - The current market conditions indicate that low-priced resources are selling reasonably well, while high-priced resources are struggling to find buyers [3] Group 3 - The midstream coke prices are stable, with a slight decrease in overall supply [4] - Steel mills maintain low coke inventories, and the decline in operating rates has not significantly impacted their willingness to replenish stocks [4] - The supply-demand structure for coke is easing, but previous price increase requests from coke producers have not been met by steel mills, suggesting future prices may remain stable [4] Group 4 - The upstream coking coal auction prices have slightly decreased, with tight supply conditions continuing in major production areas [5] - The weakening operating conditions of steel companies have led to reduced purchasing sentiment for coking coal [5] - Despite the overall balance in supply and demand for coking coal, the market sentiment has weakened, resulting in increased instances of auction failures and lower transaction prices [5]

煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 17% 26% 2024-05 2024-09 2025-01 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《永泰能源（600157.SH）：煤炭 主业以量补价，煤电协同稳步推 进》，2025.4.29 2.《煤炭周报：宏观预期强化，重 视板块底部布局》，2025.4.27 3.《煤炭周报：煤价震荡寻底，关 注板块红利属性》，2025.4.20 4.《煤炭行业月报：3 月进口同比转 负 ， 静 待 后 续 需 求 改 善 》， 2025.4.18 5.《煤炭周报：煤价底部企稳，回 购增持彰显板块价值》，2025.4.12 煤炭开采 2025 年 05 月 11 日 请务必阅读正文之后的信息披露和法律声明 证券研究报告 | 行业周报 25Q1 业绩同环比下滑，寻找相对确定性投资机会。据 CCTD 中国煤炭市场网， 2024 年煤炭全行业实现 ...

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to see a recovery in demand, with prices anticipated to rebound due to macroeconomic improvements and policy support [4][7] - The report highlights the resilience of the coal sector amidst price fluctuations and emphasizes the potential for profit recovery in the coal-coke-steel supply chain [4][7] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: As of March 21, 2025, the Qinhuangdao Q5500 thermal coal price is 671 CNY/ton, down 10 CNY/ton (-1.47%) from the previous week, while the main coking coal price at Jingtang Port remains stable at 1380 CNY/ton [4][13] - **Supply and Demand**: The report notes a slight decrease in overall supply due to some coal mines halting production, while downstream demand is expected to increase as construction activities resume [4][36] - **Inventory Analysis**: The total inventory at major ports shows a mixed trend, with southern ports decreasing by 1.04% and northern ports increasing by 0.77% [4][43] 2. Market Performance - The coal sector has outperformed the broader market, with a decline of only 0.86% compared to a 1.60% drop in the Shanghai Composite Index [4][57] 3. Recent Events - **Company Announcements**: China Shenhua reported a revenue of 338.375 billion CNY for 2024, a decrease of 1.4% year-on-year, while China Coal Energy reported a revenue of 189.399 billion CNY, down 1.9% year-on-year [4][62][63] - **Policy Developments**: The report mentions the government's initiatives to support the coal industry, including a focus on traditional industry upgrades and demand expansion [4][7]